Almost all major banks charge an Annual Maintenance Charge or AMC as a service fee for using ATM cards.
This article will delve deeper into Debit ATM card AMC and what ATM card AMC means.
Almost all banks give ATM cards on opening bank accounts. ATMs are a great way to withdraw cash on the go and reduce the need to carry cash with you. Banks charge various kinds of maintenance fees for providing the services that you avail of.
The AMC stands for Annual Maintenance Charges and it is levied as a service fee for the usage of the ATM card. You have to pay this amount to keep your card functional.
The AMC of a card depends on the type of card you use and the issuer bank. Often the charges for special cards may be different.
The ATM card AMC is levied by the bank to keep the services running smoothly. This includes costs such as card printing, maintaining the technology, customer services, etc. This also includes the maintenance of the ATM kiosks where you use your card to withdraw cash.
The AMC is directly debited from your bank account every year. Most banks waive the charges of the card on the first year that it is issued. You have to pay it from the second year.
As mentioned earlier, the Annual Maintenance Charges vary from bank to bank. Here is a list of the top banks and the AMCs charged by them -
| Bank Name | Debit/ATM card AMC (excluding applicable taxes) |
|---|---|
|
State Bank of India |
Rs.125 to Rs.425 |
|
HDFC Bank |
Rs.200 to Rs.750 |
|
Punjab National Bank |
Rs.150 to Rs.750 |
|
Axis Bank |
Starts from Rs.200 |
|
Bank of India |
Rs.250 |
Note: Rates mentioned as of 27th March 2024, and can be revised by the bank without any notice. Please check with the bank before applying for a card.
Most major banks charge an Annual Maintenance Charge for maintaining your Debit cum ATM card. If your card has more features, chances are that your AMC will be higher.
Here are some ways you can avoid the AMC -
Choose a card that fits your lifestyle. That way you will not have to pay high maintenance charges.
Choose a card that has no maintenance charges.
Maintain a minimum balance on your card. Often banks waive off the charges if you do this.
Get a card when the bank is running an offer.
Opt for combo offers as that can often get you a card without any charges.
Banks charge an annual maintenance charge to provide you with seamless services on your debit card. The charges vary based on your bank, and the type of card that you are using. Cards that provide more features will have higher charges.
The charges start anywhere from Rs.125 and can go up to Rs.750. The chargers are automatically deducted from your bank account every year.
The full form of AMC is the Annual Maintenance Charge. Banks charge this to provide services on your ATM cum Debit card.
SBI does not provide any debit card without an AMC. The minimum AMC of SBI cards is Rs.125.
ICICI Bank provides basic ATM cards which do not have any AMC.
The AMC is deducted from your bank account automatically every year. You can see it in your monthly statement mentioned as ‘Annual Maintenance Charges’.
If your bank charges an annual maintenance fee, there is no way to stop it. The only way to avoid it is to choose a card that does not have any maintenance charges.
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